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WORLD> Death
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Jackson items soar in value, but for how long?
(Agencies)
Updated: 2009-06-27 20:40 BOSTON: Deb Elliott is saddened by Michael Jackson's sudden death, but she's also a little wealthier because of it. The response was underwhelming earlier this month when the Volant, Pennsylvania, resident tried to auction a pair of 1980s Jackson dolls for a starting price of $9.95 apiece on eBay Inc. She turned to the e-commerce site after six months of Craigslist postings drew little interest.
But within minutes of Jackson's death Thursday, eBay bids started coming in. A doll depicting Jackson at the American Music Awards fetched $265 after 21 bids. A Grammy Awards Jackson doll got 36 bids and sold for $227.50 on Friday. "This was definitely a cause for mixed emotions," Elliott said. "I finally got rid of the dolls, but now Michael is gone, too." The singer's death triggered a surge in the Jackson collectibles market Friday, including newly minted items such as T-shirts hawked online with "R.I.P." and "June 25, 2009" alongside his image. On Friday afternoon, an Internet search for Jackson items turned up more than 24,000 offerings from auctions on several sites and fixed-price "buy-it-now" sales. In addition to surging volume, eBay reported the average selling price for Jackson items jumped 31 percent on Thursday from daily averages last week. Among the items up for sale were a signed fedora hat, offered at $9,795. For anyone selling now, there's some uncertainty: Can you get a better price by waiting? And if you're a buyer, should you delay until the frenzy subsides? "People are telling me I should've held out, maybe they'd be worth even more in a week, month or year from now," said Elliott, who added that she is "not one that was taking advantage of Michael Jackson's untimely death." Another question for collectibles marketers is whether the damage Jackson's reputation suffered from his eccentricities and late-career pedophilia allegations will erode the value of memorabilia once the shock of his death passes. Or, like Elvis, who had his share of late-life troubles, will the collectibles hold value because the power of the legend prevails? "Is he Elvis or Marilyn Monroe, or is he Mike Tyson?" said Jim Lentz, chief operating officer of American Royal Arts, a Boca Raton, Florida-based memorabilia dealer that holds publishing rights with a firm overseeing commercial use of Presley-related items. "Does the controversy get downplayed, and does his career get played up, or do people continue to hold the strangeness and rumor against him?" The singer struggled financially following his 2003 arrest on charges that he molested a 13-year-old boy. A jury acquitted him of all charges. Jackson's problems and death might help the marketing of some, but not all of his memorabilia. |
